French wealth management group acquires competitor

French wealth management group L’Institut du Patrimoine has purchased AMC Conseil.

The transaction brings assets of L’Institut du Patrimoine to €150m coming from around 3,500 clients.

L’Institut du Patrimoine seeks to develop itself by both organic and external growth. It is understood the Paris-based wealth management group wants to purchase other local competitors.

The company wants to extend its footprint outside Paris by hiring ten new independent financial advisers to reach a number of 30 IFAs by the end of 2016.

Established in 2006, l’Institut du Patrimoine has set a target of €500m of assets under management by the end of 2019.

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